"Remedium Lifecare Shares Jump 10% After UK Partnership"

29 Jul, 2024

"Remedium Lifecare Shares Jump 10% After UK Partnership"

Shares of Remedium Lifecare surged over 10% following the announcement of a strategic partnership with Angel Partners, Ltd., UK. This agreement, effective July 29, 2024, allows Remedium Lifecare to acquire technology for manufacturing lithium carbonate in India. The stock opened at Rs 14.50, up from the previous close of Rs 14.40, and peaked at Rs 16.00, marking a gain of over 10% from its earlier value. The stock was last seen trading at Rs 14.62.

In addition to the partnership with Angel Partners, Remedium Lifecare has signed an annual supply agreement with Alfa Chemicals and Solvents Ltd., Turkey. The agreement will supply technical-grade lithium carbonate, essential for lithium-ion batteries used in electric vehicles and portable electronics, starting in the January-March 2025 quarter. The projected value of supplies for the year 2025 is between USD 20-25 million. This move is set to bolster Remedium Lifecare's position in the global market and align with growing demand for sustainable technology.